IP Report: Media - INITIATE BUY SCMA , BUY MNCN ; Labor Law Overhaul - Protection vs Productivity?
Tuesday, January 21, 2020       14:04 WIB
  • Media: INITIATE BUY (+25% UPSIDE) BUY (+15% UPSIDE) both TP at 2K
  • Labor Law Overhaul: Balance between Labor Protection vs Productivity?

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Media: A change for the better
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Both and decides to increase Rate Card this year
In Dec 2019, and announced their plan to implement higher rate card for ads in 2020F. As such,  we estimate FTA TV revenue to improve by 5-10% yoy in 2020F (a more conservative assumption vs the street), while FTA TV costs shall remain relatively stable, we expect 's and 's earnings growth to increase by 18% and 27% yoy, respectively in 2020F, strongest we have seen in the past few years. 
has stated its plan to increase rate card by c.30% in 2020F. Our recent talks with also suggest that also plans to increase rate card by c.30% starting in Mar 2020.
Initiate and with BUY Rating with both TP at 2,000


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Indonesia Set to Recast Almost 80 Laws in Jobs, Investment Push  by Bloomberg 
 Balance between Labor Protection vs Productivity - How serious Indonesia Government is to maintain balance between productivity and inefficiency.  
Indonesia is set to overhaul its nearly two-decade old labor law and scrap an array of rules that hinder foreign investment as President Joko Widodo seeks to transition the economy from a commodity reliant one into a manufacturing hub.
The government plans to table a bill in parliament on Tuesday that will revise 79 separate existing laws and 1,244 clauses. The omnibus law on job creation will reform Indonesia's labor legislation, make it easier for companies to secure permits, and relax foreign ownership rules, local content requirements and land procurement.
Jokowi has put the omnibus bill at the top of his second-term agenda as he looks to stoke economic growth that's been hovering around the 5% mark since he won the presidency in 2014. The proposed legislation was delayed several times already and has run into resistance from labor unions, which have called for nationwide protests on Monday.
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Snippets
 System NPL at 2.5% as of Dec19 
Based on OJK's data, the banking system's NPL stood at 2.5% as of Dec19, slightly higher than Dec18's 2.4%. For 2020, OJK expects system-wide NPL to remain relatively flattish (under the assumption of 10-12% loan growth). (Kontan)
 Online taxi fares will be raised 
The Ministry of Transportation will be reviewing the current online taxi fares to accommodate the request of one of the players, which asked for an increase in the minimum tariffs. The adjustment will be made as some of the 12 components used to determine online taxi fares have seen increases as well. (Kontan)
  sets capex target of Rp2tr 
Management is guiding for capex of Rp1-2tr in 2020 (2019: Rp1.5tr) which will be largely used to expand number of tenants. It plans to add 3,000 tenants in 2020 (1,000 from new towers and 2,000 from co-location). (Kontan)
  to issue Rp1.2tr of bonds 
is planning Rp1.2tr of bonds - book building will be done on 20 Jan 2020 to 3 Feb 2020. The bonds will have a tenor of 3-5 years and coupon rate of 9.4-10.25%. About 42% of the proceeds will be used for re-financing, 33% to expand recurring income, and the remaining for working capital. It also plans to continue development in 7 projects across in Indonesia with an estimated total GDV of Rp20tr, according to the management. (Investor Daily)
 Sales commentary is not a product of research 

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